IBM Shares Plummet 13%—Worst Day Since 2000—After Anthropic Launches Programming AI Tool

Forbes Business

by Ty Roush, Forbes Staff

February 23, 2026

AI-Generated Deep Dive Summary

IBM shares dropped 13% in a single day—a decline not seen since 2000. This sharp fall was triggered by the announcement from Anthropic, an AI startup backed by Amazon and Google, which unveiled a new programming AI tool aimed at simplifying updates to legacy business software systems. The market reacted with concern over the potential impact of this tool on IBM's dominance in enterprise software solutions. Anthropic's tool is designed to make it easier for businesses to modernize their decades-old software systems, many of which are still reliant on outdated technologies like COBOL. This innovation has raised concerns among investors about IBM's ability to maintain its lead in the market for mainframe and legacy system support. The startup's backing by tech giants Amazon and Google adds credibility to its tool, which could potentially disrupt IBM's lucrative business. The move by Anthropic highlights a growing trend in the tech industry: the shift toward AI-driven solutions that streamline outdated systems. This development is particularly significant for businesses that have long relied on IBM's expertise in legacy software maintenance. As more companies seek cost-effective and efficient ways to modernize their infrastructure, the competition between established players like IBM and emerging AI startups will likely intensify. For readers interested in business and finance, this story underscores the rapidly evolving landscape of enterprise technology. The potential for AI tools to displace traditional systems could have far-reaching implications for tech stocks and industry leaders. IBM's vulnerability in this space not only affects its stock price but also signals broader challenges for legacy technology providers adapting to new innovations. In summary, Anthropic's launch has sent shockwaves through the market, challenging IBM's longstanding position in enterprise software. The competition between traditional players and AI-driven startups is heating up, with significant implications for businesses relying

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Originally published on Forbes Business on 2/23/2026